Five and a half million people could be left in the lurch by new rules on selling financial products, according to the latest analysis.

A study from Deloitte reveals how reluctant most people will be to pay for financial advice when the true cost is revealed to them on January 1, when the Retail Distribution Review regime takes effect. Only one in a hundred customers using high street banks for financial advice would be prepared to fork out the minimum £300 fee regarded as realistic to give them even a no-frills service. Independent financial advisers, who are more highly regarded